Barclays will do this by selling 103.6 million worth of shares in Barclays Africa Group, with up to 10.3 million shares going to the South African state pension fund Public Investment Corporation.

“This is an important first step as we seek to reduce our shareholding in Barclays Africa to a level that achieves accounting and regulatory deconsolidation,” said Jes Staley, CEO of Barclays.

“As we said at our Q1 results, we continue to explore opportunities to reduce our shareholding, including capital market and strategic options.

“Barclays Africa is an important partner, and we are working closely with local management, including planning for the operational separation of the two businesses in a way that will preserve value for shareholders in both the Barclays and Barclays Africa groups.”